Multinational executives express commitment to Chinese market

By Liu Zhihua | | Updated: 2023-10-21 11:47
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A panoramic view of the Pudong New Area, where China (Shanghai) Pilot Free Trade Zone is located. [Photo/China Daily]

Multinational enterprises are unwaveringly committed to the Chinese market and will keep investing in China, as the country's pursuit of high-quality development and Chinese modernization is set to provide increasing development opportunities for them, according to top business executives and experts.

The Chinese market has provided a conducive environment for multinational enterprises' growth. As it steps up efforts to expand high-level opening-up, increasing business potentials are unfolding for foreign investors, especially those in high-tech and advanced manufacturing like the electronics, healthcare, and life science, they said.

Allan Gabor, president of Merck China, said that he believes in the marvelous "China speed" and the country's growth momentum which is driven by the unremitting efforts to embrace high-quality development through a Chinese path to modernization.

Over the last decade, Merck has invested nearly 6 billion yuan ($820 million) in China. Today, China is the company's second-largest market worldwide with approximately 3 billion euros ($3.18 billion) in sales last year.

Merck invested about 70 million euros to expand its Nantong Life Sciences Center in Jiangsu province and to increase its high-purify reagent production capacity, which is expected to be operational by 2026.

It has also announced the "Level Up" growth plan to further invest at least 1 billion yuan in China by 2025 to enhance localized manufacturing, technology, and supply chain capabilities in electronics sector.

"Despite the uncertainties and challenges in the post-pandemic era, China insists on embracing foreign direct investment and is continuously rolling out measures and policies that facilitate multinational companies to deepen their footprint in this country. In my opinion, that practical approach is the precious certainty in an uncertain world," he said.

"In its unique path of modernization, China has increasing needs in areas of healthcare, high-quality food and drugs, solutions on environmental protection, and a digital economy, where Merck is in a sweet spot to continuously contribute with our innovative products and services," he added.

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